With the recent improper sales practices of a nationally known bank coming to light and the detrimental impact to customers, specifically thousands of small business owners, it is more important than ever to understand the impact you have when you bank with an Arizona-owned bank or credit union. Not only do local banking institutions know their customers and are more likely to invest in their local communities, local banks can also be held accountable for actions that ultimately impact all of us. We can all benefit from thinking more locally about where our money is stored, saved and invested. Consider shifting your hard earned dollars and you will know and feel what it means to keep your money close to home.
Think making the shift would be difficult? Think again. Read this first hand account of the simple process of making a move to a local bank from Local First Arizona’s Founder and Director, Kimber Lanning, who says, “I believe many small businesses find moving to a community bank to be a daunting task. From someone who has done it many times, I will tell you it just isn’t that bad. And you don’t have to do it all at once!”
The Power of Local Banking
Local First Arizona strives for a stronger Arizona. We’re working towards this goal in a number of ways, but our initiative that may have the most direct impact on building a resilient Arizona economy is our focus on local banking. This is because “Arizonans have deposited 96 percent of their money into banks with no local ownership, no local decision making, and only a 17 percent loan-to-completion rate. Seventy six percent of that money is in the three biggest banks: Chase, Wells Fargo and Bank of America, while all of Arizona’s local banks combined hold only about four percent.” Read the full article here.
It has been proven that with more people like you banking in local institutions:
- More local businesses will have access to loans and the capital to expand
- More money stays in our state and recirculates securing and stabilizing our economy
- More jobs are created and new start-ups are realized making communities stronger, healthier and more independent
What is "Banking Locally" and Why is it Important?
These are not the only reasons to keep your money in local institutions. We have put together several resources that should help in your decision-making. Be sure to review the 3 Myths About Banking Locally, Debunked and The Top 5 Reasons to Switch to a Local Arizona Bank or Credit Union.
Then take the time to make the easy switch to one of Local First Arizona’s member financial institutions. You can then feel the sense of pride in knowing your hard earned dollars continue to support not just you, but other local businesses and your local community.
Local First Arizona Member Financial Institutions:
- Alliance Bank of Arizona - Phoenix, other locations include: Flagstaff and Tucson
- Arizona Central Credit Union
- Canyon State Credit Union
- Commerce Bank of Arizona
- Credit Union West
- First Credit Union
- Horizon Community Bank
- Hughes Federal Credit Union
- Gateway Bank
- Metro Phoenix Bank
- Pinnacle Bank
- RepublicBankAz, N.A.
- Tucson Federal Credit Union
- Vantage West Credit Union